515 West 3rd Street, Long Beach, CA 66441-3133

La Pasada presents a rare opportunity to acquire a substantially renovated, secured-access multifamily asset in the heart of Downtown Long Beach with highly attractive seller financing already in place. The seller is offering financing at 75% loan-to-value with a 4% fixed interest rate and interest-only payments for a five-year term, providing investors with a significant advantage in today's elevated interest rate environment. This financing structure reduces acquisition costs, improves early cash flow, and provides operational flexibility during stabilization.

Originally constructed as a hotel, the property has operated as an apartment community for over 20 years and retains grandfathered hotel zoning, offering a new owner the option to operate short-term rentals. A substantial recent renovation blends the building's classic architectural character with extensive contemporary capital improvements, creating a highly differentiated workforce housing investment.

Ownership has invested over $500,000 in capital improvements. All units on the first floor have central HVAC, and the second floor has undergone a complete bathroom and kitchen remodel. Offered at approximately $193,103 per unit, La Pasada, is positioned directly across from the Governor George Deukmejian Courthouse and within walking distance of Shoreline Village, the Aquarium of the Pacific, and the Long Beach Convention Center.

La Pasada is a 29-unit, secured-access multifamily community in Downtown Long Beach. Originally constructed as a hotel, the property has operated as an apartment building for over 20 years and retains grandfathered hotel zoning. A substantial recent renovation created a differentiated product in the market, blending classic architectural character with extensive capital improvements across a three-story building.

The community offers a unique unit mix of 11 SRO units, 14 studios, and 4 one-bedroom apartments, serving broad workforce and affordable housing demand. The entire first floor was rebuilt to the studs. Capital improvements include new sewer lines, new plumbing on the first and second floors, an updated electrical system, a new roof, and new windows. Units on the first floor are equipped with central HVAC. The second floor has all bathrooms and kitchens remodeled, and the third floor includes 11 SRO units served by two common-area bathrooms.